TRELLEBORG, Sweden (May 11, 2016) — The European Commission has granted approval to Trelleborg A.B.'s proposed $1.25 billion acquisition of ČGS Holding a.s., the parent of industrial and off-road tire maker Mitas a.s.
The European authority focused its assessment on the original equipment manufacturers and new replacement tire markets for use with agricultural equipment.
“The Commission found that Trelleborg and ČGS's agricultural tires focus on different price and quality tiers and were therefore not close competitors,” the EC said in a statement.
Speaking to European Rubber Journal, Trelleborg spokeswoman Karin Larsson said that completion of the deal was expected to take “a few more weeks.”